Eximbank increases equity capital

The Vietnam Export-Import Commercial Bank, or Eximbank, has acquired the nod from the central bank to scale up its chartered capital to VND2.8 trillion from the current VND1.2 trillion via share issues.

As planned, the bank will issue more than 1.58 million shares with a face value of VND1 million each.

Late this month, it will use last year’s profit and surplus equities to issue over 657,700 shares to existing shareholders who were registered before December 31. They will be allowed to buy 54 shares for every 100 already held.

In July, Eximbank will also sell 368,000 shares at the face value to existing shareholders registered by June 22 this year, allowing them to obtain one new share for every five shares held.

The bank will issue more than 495,800 shares to local strategic partners at negotiated prices on the condition that these partners must hold 20 percent of their stakes for at least one year and the remainder for at least three years.

It will also issue 56,000 shares at the face value to its staff.

The lender obtained VND215 billion in pre-tax profits in the year’s first four months, a whopping 112 percent jump over the same period last year. Its total assets were VND19.3 trillion, up 62 percent year-on-year.

Source: Thanh Nien